Those are designed such that the sheer pin should be able to break off without dropping the load, is a safeguard against bumping the handle hard enough to cause it to drop. For it to fall from a sheer pin break under load, there must have been another defect too. Without the sheer pin the pawl should lock into the ratchet bar and stay there until the ratchet bar/saddle-assembly is lifted.
Edit: I could be wrong, am thinking of the more common A-frame style stand with a cast iron center ratchet/saddle. There is the other type with a double-tube setup where the height is adjusted by aligning holes and putting a large, solid steel pin through them. That type (pictured below) might drop from a pin failure.......